kittypuppymom
Junior Member
Joined: Sept 12, 2011 10:38:54 GMT -5
Posts: 165
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Tax ?
Jan 5, 2012 14:34:43 GMT -5
Post by kittypuppymom on Jan 5, 2012 14:34:43 GMT -5
If you got a year end bonus that was 40% of your annual salary. What kind of tax bracket do you think this would put you in. Yes, I know there are variables depending on what I claim and what not. Just wondering if anyone can kinda sorta figure that out?
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Deleted
Joined: Nov 28, 2024 11:46:29 GMT -5
Posts: 0
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Tax ?
Jan 5, 2012 14:38:31 GMT -5
Post by Deleted on Jan 5, 2012 14:38:31 GMT -5
Annual salary + Bonus (assuming bonus was paid in 2011) = Total Compensation
Total compensation - personal exemotion and standard deduction = Taxable income (will close enough for government work)
Taxable income will determine your tax bracket.
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moon/Laura
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Joined: Dec 17, 2010 15:05:36 GMT -5
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Tax ?
Jan 7, 2012 15:18:02 GMT -5
Post by moon/Laura on Jan 7, 2012 15:18:02 GMT -5
moving to the TAX board..
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Tax ?
Jan 7, 2012 16:18:17 GMT -5
Post by mwcpa on Jan 7, 2012 16:18:17 GMT -5
as Archie notes.... tax is based upon total income and total allowable deductions.... tax is not based on the size of a bonus....
by example.... if you made a 50K salary and got a 20K bonus (40%) your total income is 70 and your tax is based on that.... the total income you collected....
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moon/Laura
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Tax ?
Jan 7, 2012 18:59:30 GMT -5
Post by moon/Laura on Jan 7, 2012 18:59:30 GMT -5
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
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Tax ?
Jan 7, 2012 22:41:18 GMT -5
Post by mwcpa on Jan 7, 2012 22:41:18 GMT -5
moon, the one you reference has to do with the required tax withholding, not the actual tax which this question is about... the topics are related as many think withholding is the same as actual tax....
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moon/Laura
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Tax ?
Jan 8, 2012 9:10:19 GMT -5
Post by moon/Laura on Jan 8, 2012 9:10:19 GMT -5
thanks mwcpa.. like i said, i just knew it was the same poster and both had to do with a bonus. beyond that, i didn't read.  however, I'm not sure that the OP ever saw your responses on the first one, so having the link here can't hurt. I sent a PM so she'd know where they are. |
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